IC Group is targeting EGP 1.2bn in sales at its The Office project, which will be launched in the government financial district of the New Administrative Capital (NAC). The company has already pumped investments of EGP 900m into the project.
Ahmed Sherif, Sales and marketing Manager at IC Group, said that The Office is an eight-storey, mixed-use mall spanning an area of 8,200 sqm. It includes commercial and medical units, and about 270 offices.
Sherif noted that the company has carried out market studies into customer needs relating to optimal spaces, and will provide serviced offices of various sizes to cater to these needs.
The project will be managed by an international company specialised in managing and operating international business centres, with whom IC Group has already contracted.
He elaborated that The Office is the company’s third NAC project, following on from The Gold Market project, the first commercial centre dedicated to trading in gold. This is being constructed on an area of 8,200 sqm.
Sherif revealed that about 80% of the Gold Market project has been sold, in addition to sales of spaces at a commercial mall in the NAC’s R7 area.
He added that the company has developed approximately 1.7 million sqm during the time it has spent in the Egyptian real estate market. This has seen a total of 3,200 units constructed and delivered within its projects, with a further 600 units expected to be delivered by 2021.